But what’s “normal” for left-overs with a private 4-year undergraduate school for a student to need in “outside loans” for a year?

I keep reading statistics saying the cumulative average is like $ 15,000 for the full 4 years! I couldn’t possibly pay for school on that, even for ONE year…

I’m already getting the maximum possible from the FAFSA, but I don’t think it makes sense how much I still need…

Any help is appreciated.

Thanks.
Yeah, I’ve gotten an “alternative loan” before… I’m just curious what’s “normal”… I know the max is $ 40,000 a year, but people never seem to talk about paying off that much debt, you know?

How does a person get a perkins loan anyway?
The way I’m calculating things out, I’m going to end up with easily 3-4 times that much in debt… My school is really expensive & the FAFSA pays for half the tuition & fees & stuff, but there’s also housing & living expenses… even though my budget doesn’t include anything but the “bare minimum” such as a budget for food & a little for clothes (incase my size changes or things wear out) etc, I’ll still owe almost $ 200,000 by the time I get my bachelors’. (That’s including 2 years of loans before my transfer, plus 4 years after my transfer, PLUS my stafford loans & stuff) … … So basically, with the “starting wage” in my field, I’ll be living off $ 650 a month, and the rest will go toward loan payments… SO if I have roomates or a boyfriend to live with I might “do okay” until I get a raise… :p

But yeah, I kind of figured mine was A LOT… but I don’t seem to qualify for any scholarships but what my school is giving me, and I don’t have ANY savings or a job.
And I agree that the “22k” is crap… That’s the “AVERAGE”… I can find that anywhere, I’m looking for “what’s normal” for people to get.

I’m trying to find ways other than this debt to pay for school, but I have NO resources.
lol… by “normal” I mean something that might still make people say, “Hmm, that’s a lot”, but won’t make them go “OMG, WTF? Are you out of your MIND???” …. :p

All of the averages are way lower than what I’ll end up with… just like the “average credit card debt” is way lower than what my cosigner has. :p

…

I want to get a part time job to help, but I won’t make enough to really “help” that much… (unless I can get a decent job sometime soon) but every bit does help (and I know what you mean by $ 1000 not really helping… I remember when I felt rich holding a $ 20 bill… These days, even a hundred feels like nothing. :/

But yeah…I tried applying at blockbuster, but apparently they need more “morning people” than “night people” and I’m NOT a morning-able person… (I have severe insomnia, so I’m up ’til 6 or 7, then crash suddenly… which sucks)

Anywho, I’m transferring from one school to another, so I’m basically tacking 2 years onto the “normal” undergrad load.
I think it’d be really cool to have statistics like “25% of borrowers got between 500 and 5000 in private loans” or something like that… (I’d be in the ‘top’ borrowing-bracket, lol)

I’m trying to plan everything so the borrowing is at a minimum, but with housing & living expenses (which is pretty much just food, though I need to work in like $ 100 to renew my anti-virus a few times while I’m in school) it just doesn’t seem all that realistic…

I’m actually not that bothered by the idea of living off $ 650 of a couple-thousand-dollar paycheck… After all, that’s what roomates are for. :p

Also, the state I live in now is #1 for my industry, so when I move home, all the “competators” in my field will have local degrees and I’ll have a kick-@$ $ degree from the best art school in the country (did I mention its for video game design stuff?) with 2 years of C++, composition, and psychology courses to jump-start it. :p

Best answer:

Answer by natalie
EDIT 3:
The statistics are BULLSHIT.Unless you attend college and know what the costs are, don’t post fake answers.

Edit 2:
200,000 isn’t unheard of either.It really depends on what college/university you attend.You’re school has a higher cost, so you’ll have to pay more.It really sucks that students have to have the burden of so many loans to get through college.If the governmnent were to lower the interest rate, maybe to 2 or 3 % it would be a lot better.I know some people who haven’t gone to college because of the fear of have to pay back so much.I have good grades and it is really hard for me to find scholarships.But really, what is a $ 1,000 gonna really do?

Oh, but if you plan on going to grad school or higher, some jobs will actually pay your tuition.So maybe there will be a bright side.Don’t get discouraged!
EDIT:
The second person is WRONG.$ 22,000 for four years?Yeah right!I go to one of the cheapest schools, as far as tuition goes, and if you don’t qualify for grants you have to take loans to pay tuition, books, and living.And anyways the school won’t allow you to receive the full $ 40,000 if it’s not needed.I’ll probably end up with $ 40,000 in loans when I finish next year.My friend who goes to a private college is ending up with 80,000 in debt(undergrad only).

PERKINS LOAN-You need to talk to a financial aid officer.I was offered the perkins loan during my summer sessions last year.

What is normal?I’d say average is 40,000-50,000.Which will be a payment of 160/month after you graduate.But having more is not uncommon or unrealistic.You’re getting a college education, which is worth every penny.

Hi,
I am in college so maybe I can help you with your question.

I received $ 18,000 in loans from the government last year(fall semester, spring, and summer sessions.There is a max limit that the government will pay, but i’m not honestly sure what it is per year.It’s at least 18000.I received:
1 subsidized loan(government pays interest while i’m in school)
1 unsubsidized loan(i pay interest while in school or just let it accumulate)
1 perkins loan (similar to the unsub)

Whatever you’re receiving from the government is maxed out, so you have to go to alternative loans(private loans).the max of loans (government + private school loans) can only add up to $ 40,000 for an undergraduate (for ONE academic school year)
so the max you can get for 4 years is 160,000 in loans.

You’ll have to have good credit or have a co-signer for the private loans.I’d do some searching around for good interest rates because normally the private loan companies want you to make the interest payments while in school…although all don’t.Don’t just choose the first company you find.

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American Financial Solutions

Seattle, WA (PRWEB) March 20, 2012

When a debt collection company calls, many people are immediately placed on the defensive. Collection agents can be aggressive and make it difficult to propose repayment plans that fit within their budget. Collectors typically request payment in full right now and for people who cannot make those payments, the debt collector’s next step may be the threat of a lawsuit. This can be a scary and intimidating situation, however people do have rights. Below, American Financial Solutions offers steps for dealing with the threat of a lawsuit.

[1] Know what can happen after a lawsuit. There are three options: garnishments (withholding a portion of your wages), freezing bank accounts or seizing property. Certain income, such as Social Security, cannot be garnished.

[2] Know the statute of limitations in your state that govern how long a creditor has to sue you over a past due debt. Check with your state attorney general’s office.

[3] If you are sued, someone associated with the court system or a private process server will present you with the court notice called a summons. The notice tells you where and when the court date will take place, as well as the name of the company bringing the suit against you and the total amount they are suing for.

[4] When you receive a summons there is typically a certain amount of time to respond. If you do not respond in the allotted time, the court can enter a default judgment against you. A default judgment allows the creditor to garnish wages, freeze bank accounts and potentially seize property.

Whether or not you need to file paperwork with the court in order to present your side of the case varies from state-to-state. Try to consult with a consumer law attorney or contact the county clerk where the court paperwork was filed. The clerk cannot offer legal advice, but many attorneys’ offer free, 30-minute consultations and can inform you of your rights and what you may stand to lose.

Before there is a judgment in place you may be able to negotiate an agreement to repay the debt and avoid going to court. This may be a better option if you do owe the debt and want to avoid having a judgment on your credit report.

[5] When you go to court be prepared to tell your side of the story. This includes how much you think you owe, past documentation, any mail or cancelled checks showing you attempted to make payments and, if the debt is past the statute of limitations, proof showing the age of the account.

[6] If the collection agency does obtain a judgment against you they may attempt to garnish wages or freeze bank accounts. If your only source of income is Social Security, it is important to tell the collection agency. Social Security can only be garnished in very limited instances.

If your wages can be garnished, the collection agency may contact your employer and request that they withhold a certain portion of your wages to repay your debt. Your employer will contact you with the legal paperwork and begin holding and distributing the funds to the collector. The collector may also contact your bank and request they freeze the money in your account and send it to them.

Dealing with debt collectors can be an overwhelming and stressful situation. It is important to understand the laws of the state you live in and the federal laws under the Fair Debt Collections Practices Act. You can find more information about dealing with debt collection agencies by reading Know Your Rights When Dealing with Debt Collectors – Learn How from American Financial Solutions or by calling a certified credit counseling agency today.

American Financial Solutions (AFS) is a non-profit 501(c)3 financial education and credit counseling agency that helps people find solutions for managing their money and improving their financial lives. Since 1999, AFS has helped individuals across the United States through one-on-one counseling, classes and the use of debt management plans. AFS is a member of the National Foundation for Credit Counseling (NFCC) as well as the Association for Independent Consumer Credit Counseling Agencies (AICCCA). AFS is also accredited by the Council on Accreditation (COA) and has an A+ rating by the Better Business Bureau. Find us and add us on Facebook, Twitter and Google+.

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Funding Is Available

Santa Ana, CA (PRWEB) February 10, 2012

U.S. Federal Reserve Chairman Ben Bernanke warned congressional leaders “rising deficits pose a major threat to the U.S. economy,” CNBC reported. Bernanke claimed high government spending is the major problem contributing to high national debt. Bernanke warns of a crisis, if spending is not brought under control. This same debt issue holds true for personal spending and business spending. Mismanagement of personal and business finances can have negative repercussions on business and personal credit, affecting one’s ability to get loans. In the recent blog post “A Lesson on the Dangers of Debt from Ben Bernanke and the U.S. Government,” The Business Finance Store discusses personal debt and business debt and how it can affect small businesses in need of funding.

Today, most banks require a personal guarantee to secure a business loan. Therefore, a small business owner’s personal credit is just as important as business credit. Knowing how to manage debt and credit can make or break business success. Read more about personal and business debt and how to avoid the pitfalls of debt at the Business Finance Store Blog.

The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as: Business Financial Solutions, Legal Solutions, and Accounting Solutions.

The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.

For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $ 60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.

For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business’ short and long-term goals. Whatever you need, The Business Finance Store is there.

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